Kerr v. Commissioner
United States Tax Court
Petitioner owned 100 percent of the stock of X and Y corporations. On October 24, 1955, petitioner sold his Y corporation stock to X corporation for $ 50,000. Held, the amount received by petitioner is to be treated as a distribution in redemption of the stock of X corporation under section 304, I.R.C. 1954. Held, further, the redemption by X corporation of petitioner's stock in Y corporation was a redemption essentially equivalent to a dividend under section 302, I.R.C.…
Read the full summary
Petitioner owned 100 percent of the stock of X and Y corporations. On October 24, 1955, petitioner sold his Y corporation stock to X corporation for $ 50,000. Held, the amount received by petitioner is to be treated as a distribution in redemption of the stock of X corporation under section 304, I.R.C. 1954. Held, further, the redemption by X corporation of petitioner's stock in Y corporation was a redemption essentially equivalent to a dividend under section 302, I.R.C. 1954. Held, further, an income tax imposed on a distribution which is essentially equivalent to a dividend is not repugnant…
1Opinion of the Court
Thomas Kerr and Barbara Kerr, Petitioners, v. Commissioner of Internal Revenue, Respondent
Kerr v. Commissioner
Docket No. 89256
United States Tax Court
38 T.C. 723; 1962 U.S. Tax Ct. LEXIS 90;
August 27, 1962, Filed
Decision will be entered for the respondent.
Petitioner owned 100 percent of the stock of X and Y corporations. On October 24, 1955, petitioner sold his Y corporation stock to X corporation for $ 50,000. Held, the amount received by petitioner is to be treated as a distribution in redemption of the stock of X corporation under section 304, I.R.C. 1954. Held, further, the redemption by X…
2Cases cited25 opinions
- Southern Pacific Co. v. LoweSupreme Court of the United States · 1918
- Bazley v. CommissionerSupreme Court of the United States · 1947
- Flanagan v. HelveringCourt of Appeals for the D.C. Circuit · 1940
- Boyle v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1951
- Elizabeth N. B. Ferro v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1957
20 more not listed; retrieve them via the Exa API.